Experimental angular distributions for the 7 Li + 120 Sn elastic and inelastic (projectile and target excitations) scattering, and for the neutron stripping reaction, have been obtained at E LAB = 20, 22, 24, and 26 MeV, covering an energy range around the Coulomb barrier (V (LAB) B ≈ 21.4 MeV). Coupled channel and coupled reaction channel calculations were performed and both describe satisfactorily the experimental data sets. The 1 2 − state 7 Li inelastic excitation (using a rotational model), as well as the projectile coupling to the continuum (α plus a tritium particle) play a fundamental role on the proper description of elastic, inelastic, and transfer channels. Couplings to the one-neutron stripping channel do not significantly affect the theoretical elastic scattering angular distributions. The spectroscopic amplitudes of the transfer channel were obtained through a shell model calculation. The theoretical angular distributions for the one-neutron stripping reaction agreed with the experimental data.